HRA RES 1985-17 - 000137501
RFSOLUTION N0. HRP. 17 - 1985
A RE50I,UTION ENII,AI�IIVG MDDIFIID RIDEVII.OPMENT PRp7ECT N0.
1 AI�ID AP'9E[�IDING THE REDEVELOPMENT PLAN REGATING THERETO
A7RSIJANT ZO 'II3E PRDVISIOn7S OF MIPIENSO'!'A STAZSJTES, SECTIONS
462.411 'N 462.716, IN(S,USIVE, AS AMENDED; AND AMENDING
THE TAX INCREMENT FTNANCING PLANS RELATING TO TAX
INGRII�"�NT FINANCING PL11NS DISTRIGTS NO. 2 THROUGH NO. 5
WI7Si1N �3E HtQ7ECT AREA� AND ESTABLISHING TAX INCREMENT
FINANCING DISTRICT NO. 6 WITfiIN THE PRQ7ECT AREA AND
ADOPTING THE TAX INCREMENT FINANCING PLAN RELATING
�IERE'il�, AIRSZJANT 70 �iE PROVISIONS OF MIAIIAESOTA STA7SJTES,
SECTIOb7S 273.71 20 273.78, INQ,USIVE, AS P.�'�T1DID.
BE IT RFSC�VEU by the Commi�sioners (the "Comrnissioners") of the Housing and
RedeveloFment Authority (the "AUthority") in ancl for the City of Fric�ley,
Nlinnesota (the "City"), as follaas:
SECi'IOPd 1. Recitals
1.D1 It has been propose� that the Authority enl�rge Reaevelo��nent Pro7ect
No. 1 and amencl the Redevelopnent Plan relating thereto established pursu�er,t
to and in accordance with Minnesota Statutes, Section 462.411 to 462.716,
' inclusive, as amended, amend the Tax Increnent Financing Plans relatiny to tax
Increnent Financing Districts No. 2 through No. 5 to reflect the revised
__ pro�ect costs of the Redevelogneht Plan of Reczevelopment Pro�ect No. 1, ano
cstablish Tax Increrient Financzng Distr2ct No. 6 and acbpt the Tax Incren2ent
Financing Plan relating thereto �ursuant to an� in accardance with Minnesota
Statutes, Sections 273.71 to 273.78, inclusive, as arnended.
1.02 This Authority has investic�ated the facts and has caused to be prepared
with respect thereto, the proposed amenament of the RedeveloEarent Plan anu
enlargement of Redevelopnent Pro�ect No. 1, defirzny in the Redevelo}ment Flari
the property to be aoded and the public irnprovernents to be made within
Redevelopnent Pro�ect No. 1. This Authority has also causeci to 6e pre�ared,
and has irrvestigated the facts with res�ct to the establishment of proposeti
Tax Incranerit Financing District No. 6 as stated in the pro�osed Tax Incra�ent
Financing Plan relating thereto.
1.03 The Authority has perf ormed all actions rea,uirecl by law to �e �:erf orrned
prior to the enlargement of Redevelopnent Pro�ect ho. 1 and arnendment of the
Redevelo�anent Plan relating thereto, the amenament of the Tax Incre�ient
Financing Plans relating to Tax Incranent Finaricing Districts No. 2 through
No. 5, and the estahlishment of Tax Increnent Financing District No. 6 and
the adoption of the proposed Tax Incrauent Financing Plan relating thereto and
has requested the written opin�on of the City's Plaruv.i�y Commissian relating
to the proposed enlargemerit of Redevelognent Pro7ect No. 1 and establ�shment
' of Tax Increaent Financing Uistrict No. 6.
1.04 The Authority hereby deternzines that it is necessary and in the best
interest of the City at this time to approve enlarc�ernent of Redevelo��rient
Pro7ect No. 1 and amendment of the Redevelo�xnent Plan relatiny thereto,
apprwe the americ3nent of the Tax Increment Financing Plans relating to Tax
Incranent Financing Districts No. 2 through No. 5, approve establishment of
Tax Increnent Financing District No. 6 and adotion of the proposea Tax
Page 2- Resolution No. HRA 17 - 1985
Increment Financing Plan relating thereto, and to request that the City
' Council (the "Cotmcil") of the City hold a public hearing relatiny to the
abov�stated matters.
SEGTION 2. Approval of Enlaraement of Redeveloz:ment Pro�ect No. 1
Sub�ect to the finding, determination, and approval of the er�larqeraent of
Redevelopnent Pro�ect No. 1 by the Council of the City, the enlargement of
Redevelopnent Pro�ect No. 1 is hereby approved by the Cornmissioners of the
Authonty. Zhe geographic area and the pro�ect costs within Redevelo��nent
Pto�ect No. 1 shall be as described in the Redevelapment Plan for
Redevelopnent Pro�ect No. I approved in Section 5 hereof.
SECTION 3. ApAroval of Amenc�nent of Tax Increment Financina P1ans Relatin4
to Tax Increment Financina Districts No. 2 throuah No. 5
Sub�ect to the finding, detexmination, and approval of tkie �nnen�nent of the
Tax IncrFSnent Financing Plans relating to Tax Irrcrement Financing Districts
No. 2 through No. 5 is hereby apprwed try tlie Conunissic,ners of the Authority.
SECTION 4. Ap�roval of Tax Increment Financinca District No. 6
Sub�ect to the finding, cietetmination, and a�proval of the establi;.hment of
Tax Incr�ient Financing District No. 6 bp the Council, �roposed Tax Increment
Financing District No. 6 within Redevelopnent Pro�ect No. 1 is hereb}� aFproveU
by the Cormnissioners of the Authority. The propertp included ir+ T�x Increment
' Financir,g District No. 6 sha7.1 be the property ciescriber7 in the pro�osea Tax
Incranent Financing Plan relating thereto, as apgroved in Section 5 hereof.
SECTION 5. A�nroval of_Amenc3nent of Redevelox��ent Plan and Establishment
The proposed amencSnent of the Redevelognent Plan for Redevelognent Yro�ect PIo.
1, arid the establisYmiient of the proposed Tax Incranent Financing Plan fer Tax
Incranent Financing District No. 6{collectively referred to as the "Plans"),
presented to tkie Authority on this date, are hereby ap�rovec3 and aciopted by
the Authocity and shall be forwarded to the Council with the raruest that the
Cowicil hold a public hearing relatiny to the enlaroement of Rec3eveloF.anent
Pro�ect No. I and the amendment of the Redevelo�ancnt Plan relatir�y thereto;
the �nenclnent of the Tax Incrar,ent Financiny Ylans rel�ting to �'ax Tncrement
Financing Districts No. 2 through No. 5, and establishment of Tax Increnient
Flnancing District No. 6 anc3 the adoption of the Tax Increnent Financing Plati
relating thereto; anc7 that said Plans shall be place� on f il e in the Office of
the City Qerk.
SECTION 6. Filina of Plans
The Authonty shall cause the Plans, as amended ar_d ado��te&, to be f ile� with
the Niinnesota De�rtrnent of Enerqy and Ecqnanic L�evelognent.
SECJ'ION 7. Certification of Assessed Value
� Upon approval of the establishment of Tax Increnent Financing District ido. 6
and the ado�tion of the proposed Tax Increnent Financir�y Plan relat�.ny thereto
by the Coimcil, the Authority shall request the County Auditor of Z�noka County
(the "Cotmty Auditor") to certify the original assessed value of the real
property within Tax Incranent Financing District No. 6, as �escribea in the
Tax Increnent Financing Plan relating thereto, and each year hereafter ta
c�rtify the amaimt hy which the assessea value has increased or decreasec f rcmi
Paqe 3- Resoluticai No. HRA 17 - 1985
the original assessed value of Tax Increnent Finaricir�g District No. 6 ar!ci to
' r�nit to the City of Frialey each year, commencing on the caate inaicateo in
the Tax Incranent Financing Plan for Tax Increnent FirarACing District No. 6,
that proportion of all taxes Faid that year on real prc��erty in Tax Increruent
Financing Distnct No. 6, which the capturea assessed value bears to the total
current assesseci value, all pursuant to Minnesota Statutes, Section 273.76.
PASSED AND ADOFPED BY TH� FRIL%,EY HOUSING F1PJD REDEVELdPN�NT AUTHQRITY THIS
14�1 DAY OF NOVENBII2, 1985
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